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Equity Release

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barney4444 | 12:25 Sat 11th Sep 2021 | Business & Finance
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Hi. If we released £40.000 from our home but paid the interest every month, does anyone know ( round figures) how much it would cost per month.
Thank you in advance..









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According to: https://www.moneyrelease.co.uk/Equity-Release/Interest-Rates/ The average interest rate is 3.95%. If we assume 5%, the interest would be £2000 per year = approx £170 per month. This is assuming there are no extra charges on top, etc .... it's just to give you a rough idea :)
12:46 Sat 11th Sep 2021
You don't pay anything.Interest is added on to the loan which only becomes due when you die.
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Thanks Danny but there is the option of paying the interest every month instead.
About £100 pm. ? Depends what best interest rate you can get.
OK, I didn't know that.
Rather than equity release I think I would call it an interest only mortgage - not easy to come by these days.
According to:

https://www.moneyrelease.co.uk/Equity-Release/Interest-Rates/

The average interest rate is 3.95%.

If we assume 5%, the interest would be £2000 per year = approx £170 per month.
This is assuming there are no extra charges on top, etc .... it's just to give you a rough idea :)

1 to 6 of 6rss feed

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